Title
A resolution of the City Council of the City of Colorado Springs, Colorado, approving an extension of time for the Woodmen Heights Metropolitan District No. 1 to issue second subordinate tax-supported revenue refunding bonds, originally referred to as Series 2012C, with the related bond documents.
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Summary: On February 28, 2012, via Resolution 38-12 ("the 2012 Resolution") City Council authorized the Woodmen Heights Metropolitan Districts (WHMD) to refinance existing debt and to issue some additional debt in the form of three (3) issues: Series 2012 A, B and C. The 2012 Resolution required all debt to be issued within one year of the date of Council approval. The Series A and B bonds have been issued, however the issuance of the Series C subordinate bonds has been delayed. Therefore, an extension of the original time period is required prior to issuance. Staff supports this extension based on no substantial change in the conditions or circumstances between the date of the prior approval and this time.
Previous Council Action: The Woodmen Heights Metropolitan Districts No. 1-3 (Districts) were established by election in November 2004, following approval by Council of a service plan on August 10, 2004 (Resolution No.178-04). On September 27, 2005, Council approved issuance of up to $28,725,000 in bonds (Resolution 171-05). On October 25, 2005, City Council allowed for an increase in the par amount of the bonds up to no more than $31,000,000 (Resolution 191-05). On August 14, 2007, City Council approved an amendment of the service plan (Resolution 144-07) to provide consistency with the City's 2006 Special District Policy and Model Service Plan. On February 28, 2012 Council approved the issuance of Series 2012 A, B and C bonds in the not-to-exceed amounts of $6,700,000, $24,011,548 and $6,139,878 respectively (Resolution 38-12). As noted the Series A and B refinancing bonds have subsequently been issued, while the Series C bonds have not ...
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